McKinsey reports that, since the advent of cloud computing,“the average number of applications used in banking IT increased from 133 per billion dollars in revenue in 2013 to 224 in 2022, a jump of more than 68 percent,” and that, during the same period, there was a 60% increase in the number of applications vendors used. According to McKinsey, although “cloud adoption and consolidation has reduced the number of infrastructure vendors a bank uses, the same cannot be said for the application side.” McKinsey highlights the increasing “breadth and complexity of applications” driven by “pressure to launch new services across channels, mak[ing] According to Elliott Frantz, CEO of Virtue Security , a security firm providing penetration testing in financial services, the result of this complex web of infrastructure designed to seamlessly serve customers results in a “high point for fragility and enormous security debt.” Although diversification of vendor relationships is essential to delivering great digital products, mass collaboration invites vulnerability.
Author: Ruth Foxe Blader, Contributor, Ruth Foxe Blader, Contributor https://www.forbes.com/sites/ruthfoxeblader/
Published at: 2025-08-27 21:37:07
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